IRS 1040 expat taxes

When do IRS US tax returns need to be filed by our Enrolled Agents (EA) - Your Expat Taxes guide

IRS US tax returns usually need to be filed on the 15th of April each year, unless a public holiday slightly defers the tax filing deadline. This date is helpful for anyone British, Spanish or Hong Konger that lives in the United States. It is possible to submit the IRS form 4868 tax filing deadline extension request. This allows foreigners or resident aliens living abroad in the United States to file their tax returns on or near the 15th of October.

Please note that the extension does not allow you to pay your tax any later than 15th April. If you wish to avoid late tax payments by the IRS, you ought to plan the 1040 tax submission by 15th April.

Americans that live abroad get an automatic extension to file their 1040 tax return to the IRS for two months. This means that Americans living abroad do not file their tax return on 15th April but on 15th June each year. Our Enrolled Agents (EA) are here to help

US & UK Tax return Services (Joined up thinking)

Fed up using an American CPA or EA in one firm to file your 1040 tax return and a UK based accountant to file your UK tax return?

Optimise accountants hires both UK qualified tax accountants and US qualified tax accountants under the same roof to help you streamline your international expat tax affairs.

Learn more about our services

When do expat taxes need to be filed with HMRC?

The UK tax year begins on 6th April and ends the following 5th April. Americans filing tax returns to HMRC have to file at the same time as British people living in the United Kingdom, which is 31st January each year. The tax liability also needs to be paid on this date.

Our UK Chartered Certified Accountants work with our Enrolled Agents (EA) to ensure that you are tax-efficient in both the United Kingdom and The United States.

US & UK Tax advice (one off support)

You may already have a happy relationship with your US/UK accountants, but you are looking to get some tax advice. This may be booked with Simon Misiewicz the co-founder of Optimise Accountants.

It is one thing to be tax efficient in the UK or US but it is another to be tax efficient across the Atlantic.

£799.95 for a 60 minute tax call + call recording + tax report

Book now

How Optimise Accountants help American expats and Brits living In the United States

Our Enrolled Agents (EA) help Americans living in the UK file 1040 expat taxes to the IRS and our UK chartered accountants help them file their UK tax returns to HMRC.

Our UK tax advisers and the US Enrolled Agents (EA) work together to ensure that you are compliant in the eyes of The IRS and HMRC whilst being tax-efficient. It is essential to file expat taxes and pay the minim amount to the IRS and HMRC

 

How our Enrolled Agents (EA) help file expat taxes to the IRS and HMRC

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Tax Returns

File 1040 tax returns to the IRS (US) and HMRC (UK)

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Unlimited Tax calls

We help you understand your tax position in each country and for you to create a tax-efficient plan with your business and real estate property investments.

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Year-end reviews:

We will provide you with an opportunity to book some time with us after each tax return has been submitted in the US & UK to understand what can be done going forwards to reduce your tax liability.

Fed up of being told it is a fixed price but it keeps going up?

One thing that people value is transparency and clarity. That is one thing that our Enrolled Agents (EA) will promise and fulfil.

There are many US expat tax return services on offer. The issue is that they give you a price for aN IRS 1040 tax return but hit you with additional fees for separate forms.

We have listened and believe that our Enrolled Agents (EAs) ought to do as many IRS forms as possible within the one fee structure.

 

Forms included within our fixed fee by our Enrolled Agents (EA) - Expat taxes simplified

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Form 1040

The main tax return (Schedules A to E)

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Form 1116

Foreign Tax Credits

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Form 2555

Foreign Income Exclusion

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Form 8965

Health Coverage Exemptions

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Form 8938

Report your specified foreign financial assets

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Form 8833

Treaty-Based Return Position Disclosure

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Form 8829

Use of your home for business expenses to claim to reduce tax

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Form 8621

Shareholder of a passive foreign investment company (PFIC)

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Other forms not listed

If there are other forms required please discuss these with us

Other IRS forms that are included in our fixed fee structure

There are other reporting requirements that American and British expats need to inform The IRS. These are included in the same monthly fee with our expat taxes services.

Again, we hear about clients that work with other Certified Public Accountants (CPAs) and Enrolled Agents (EAs) that do not tell their clients about other important filings, which if not done could lead to some hefty penalties

We can either show you how to file these returns yourself for free or we can do each form for £199.95

 

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State Tax Return

No matter which state you need to report your taxes

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FATCA

Foreign Account Tax Compliance Act (FATCA)

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FBAR

Report of Foreign Bank and Financial Accounts (FBAR)

Real estate property transactions – how do HMRC and the IRS tax them?

Optimise is a real estate property tax specialist, whether in the United States or property in the UK.

Property profits are not taxed in the same way by the IRS in the United States as by HMRC in the United Kingdom.

Please note that the IRS will tax you on your worldwide income from property. This means that the US, British and other foreign property income is taxable by the IRS.

You need to be aware of the subtle but significant property tax treatments when filing an SA100 tax return to HMRC or a 1040 expat tax return to the IRS in the United Kingdom

US & UK Tax return Services (Joined up thinking)

Fed up using an American CPA or EA in one firm to file your 1040 tax return and a UK based accountant to file your UK tax return?

Optimise accountants hires both UK qualified tax accountants and US qualified tax accountants under the same roof to help you streamline your international expat tax affairs.

Learn more about our services

 

Expat taxes - US & UK Tax Return differences

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Timing difference:

The UK tax system works based on 6th April to the following 5th April compared to the IRS, which works on a calendar-based system.

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Currency exchange:

You must ensure that you transfer your property information into the correct exchange rate when filing the UK and US property tax returns.

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Tax treatments:

The IRS provides a depreciation allowance of property, but HMRC in the UK does not. Replacements costs are allowed in the UK tax system but not in the US. Mortgage interest is fully offset in the US but not always in the UK

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Consultation options.

We offer the two following options for initial consultations.

CALL OPTION ONE

Our Ongoing Accountancy Services

Fixed price irrespective of how many properties you have

We charge on a fixed monthly fee

  • - Accounts submitted to HMRC & Companies House

  • - One hour onboarding tax call

  • - Unlimited 30 minute tax calls

  • - An holistic review of your tax structure and future plans

  • - Annual tax return review to discuss future tax plans

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  • - Upload your questions in advance

  • - Our Tax Advisors collectively discuss your questions

  • - A qualified tax advisors discuss the very best solution with you

  • - A tax report & meeting recording is sent within 24 hours

  • - Clarification questions are answered via email

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